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  • FIRST POST
    • RayUK
    • By RayUK 10th Jun 19, 3:28 PM
    • 9Posts
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    RayUK
    Partners Credit Score
    • #1
    • 10th Jun 19, 3:28 PM
    Partners Credit Score 10th Jun 19 at 3:28 PM
    I live with my partner and our two children. Our finances are separate apart from one joint debit account. If my Credit score drops as a result of defaulting on a credit card which is only in my name, would her credit score be affected because of that one link of our finances?
    Thanks for any advice
    Ray
Page 1
    • Willing2Learn
    • By Willing2Learn 10th Jun 19, 3:30 PM
    • 4,451 Posts
    • 4,000 Thanks
    Willing2Learn
    • #2
    • 10th Jun 19, 3:30 PM
    • #2
    • 10th Jun 19, 3:30 PM
    No. If you default on your credit card, it will not impact on your partner's credit file.

    Edit: Is it just the one card account you are having difficulties with, or do you have any other accounts in arrears?

    Edit: And welcome to the forum
    Last edited by Willing2Learn; 10-06-2019 at 3:34 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • DCFC79
    • By DCFC79 10th Jun 19, 3:34 PM
    • 35,108 Posts
    • 22,181 Thanks
    DCFC79
    • #3
    • 10th Jun 19, 3:34 PM
    • #3
    • 10th Jun 19, 3:34 PM
    Dont worry about your score as only you can see it, lenders see your credit history.
    • Ben8282
    • By Ben8282 10th Jun 19, 3:48 PM
    • 3,647 Posts
    • 2,023 Thanks
    Ben8282
    • #4
    • 10th Jun 19, 3:48 PM
    • #4
    • 10th Jun 19, 3:48 PM
    What exactly is a 'debit account'. Please clarify.
    As has been said, don't worry about your meaningless score. However, defaulting on a credit card is not a good idea as it will impact on your credit files and your ability to obtain credit in the future. Could you and your partner not find a way to continue to make at least the minimum payments on this card?
    You mention this joint account and this one link in your finances. You will need to establish whether this account is reported to CRA's and if a financial association has been created between you because of it.
    • RayUK
    • By RayUK 11th Jun 19, 6:01 PM
    • 9 Posts
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    RayUK
    • #5
    • 11th Jun 19, 6:01 PM
    • #5
    • 11th Jun 19, 6:01 PM
    Thanks for your reply...That's what I wanted to hear... I do have 4 Credit cards, one still on 0% till Aug 2020... all in my name only....
    • RayUK
    • By RayUK 11th Jun 19, 6:03 PM
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    RayUK
    • #6
    • 11th Jun 19, 6:03 PM
    • #6
    • 11th Jun 19, 6:03 PM
    And what I meant is we have a joint bank account with a debit card each for that account...
    • zx81
    • By zx81 11th Jun 19, 6:11 PM
    • 23,875 Posts
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    zx81
    • #7
    • 11th Jun 19, 6:11 PM
    • #7
    • 11th Jun 19, 6:11 PM
    If the account is reported to the CRAs, the account will financially link you.

    It means lenders may search the other when one of you applies for credit.
    • Pensioned Off
    • By Pensioned Off 13th Jun 19, 8:13 PM
    • 42 Posts
    • 99 Thanks
    Pensioned Off
    • #8
    • 13th Jun 19, 8:13 PM
    • #8
    • 13th Jun 19, 8:13 PM
    I don't get why people are saying 'no'.

    You have shared finances though a joint account so you will be linked financially.

    So, if you default, then this fact will be pulled up if she is credit checked.
    • Gary_Dexter
    • By Gary_Dexter 13th Jun 19, 8:25 PM
    • 6,626 Posts
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    Gary_Dexter
    • #9
    • 13th Jun 19, 8:25 PM
    • #9
    • 13th Jun 19, 8:25 PM
    I don't get why people are saying 'no'.

    You have shared finances though a joint account so you will be linked financially.

    So, if you default, then this fact will be pulled up if she is credit checked.
    Originally posted by Pensioned Off
    We’re saying no to it affecting the score.

    And partners and associations are not always checked as well on every application
    • RayUK
    • By RayUK 14th Jun 19, 7:25 AM
    • 9 Posts
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    RayUK
    We don't mind if my credit file is checked, as long as it doesn't affect her ability to get credit.... Her credit file is clean, she never defaults and is very organised with regular repayments etc... But I can't pay my debts back as I don't earn enough, so I'm up against the wall and have to default on my credit cards...
    • DCFC79
    • By DCFC79 14th Jun 19, 7:33 AM
    • 35,108 Posts
    • 22,181 Thanks
    DCFC79
    We don't mind if my credit file is checked, as long as it doesn't affect her ability to get credit.... Her credit file is clean, she never defaults and is very organised with regular repayments etc... But I can't pay my debts back as I don't earn enough, so I'm up against the wall and have to default on my credit cards...
    Originally posted by RayUK
    Why are your debts more than what you earn ?

    Are you paying the minimum plus £1 ?
    • RayUK
    • By RayUK 14th Jun 19, 8:31 AM
    • 9 Posts
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    RayUK
    I was credit tarting (0% Cards) and through events in my life beyond my control, I have lost track of my credit card debts. So far I have managed to repay just above the minimum on all cards, but my current situation does not allow for that any longer.
    I have talked to Citizens Advice and the Financial Ombudsman and contacting my CC companies and telling them seems to be the way forward.
    Last edited by RayUK; 14-06-2019 at 8:34 AM.
    • Gary_Dexter
    • By Gary_Dexter 14th Jun 19, 8:44 AM
    • 6,626 Posts
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    Gary_Dexter
    What are the FOS going to do to help?

    Speak to a debt charity like StepChange and get a SOA together and post it on the DFW board here
    • RayUK
    • By RayUK 14th Jun 19, 9:09 AM
    • 9 Posts
    • 0 Thanks
    RayUK
    The FOS were giving me advice, that's it at present.
    What's the DFW board....? Also, I have tried StepChange and others, but as I'm self employed status, they don't want to deal with me.
    • Candyapple
    • By Candyapple 14th Jun 19, 9:17 AM
    • 3,332 Posts
    • 2,806 Thanks
    Candyapple
    We don't mind if my credit file is checked, as long as it doesn't affect her ability to get credit....
    Originally posted by RayUK
    Sorry to be the bearer of bad news - but yes it will affect her ability to get credit.

    As you are financially linked, you won't know which lenders will be checking your files as well as hers until after a hard search is done, so it's luck of the draw really.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Gary_Dexter
    • By Gary_Dexter 14th Jun 19, 9:17 AM
    • 6,626 Posts
    • 4,442 Thanks
    Gary_Dexter
    Debt-Free Wannabe - https://forums.moneysavingexpert.com/forumdisplay.php?f=76
    • RayUK
    • By RayUK 14th Jun 19, 9:34 AM
    • 9 Posts
    • 0 Thanks
    RayUK
    I'm getting more and more worried now... I have a repayment on my biggest card coming up (£9000 debt, minimum repayment around £300) in a few days. I simply have not got the money for it, so I will default, surely in that case it is better to ring the bank and talk to them... right?
    • Willing2Learn
    • By Willing2Learn 14th Jun 19, 10:12 AM
    • 4,451 Posts
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    Willing2Learn
    I'm getting more and more worried now... I have a repayment on my biggest card coming up (£9000 debt, minimum repayment around £300) in a few days. I simply have not got the money for it, so I will default, surely in that case it is better to ring the bank and talk to them... right?
    Originally posted by RayUK
    If I were you, I would write to all your creditors, asking for the accounts to be frozen while you seek advice.
    Sample letter - Hold action on your account


    Next, I would head over to the Debt-free Wannabe sub-forum for advice, guidance and support. I would post up my Statement of Affairs (SOA) so that I would get the appropriate advice.


    And don't worry. There are always options and solutions that will work.
    Last edited by Willing2Learn; 14-06-2019 at 10:16 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • BoGoF
    • By BoGoF 14th Jun 19, 10:19 AM
    • 5,320 Posts
    • 5,193 Thanks
    BoGoF
    Above advice is probably your best course of action as it seems that it is a matter of time before it all comes crashing down BUT it should come with the caveat that your credit history will be trashed.

    It seems important to you that this does not affect your partner but as explained it potentially will. Are we to assume that your partner is unaware of your debt?
    Last edited by BoGoF; 14-06-2019 at 10:21 AM.
    • Willing2Learn
    • By Willing2Learn 14th Jun 19, 10:30 AM
    • 4,451 Posts
    • 4,000 Thanks
    Willing2Learn
    Something for you to read (from Experian):
    6 things you didn't know about shared finances

    One thing you could do is to take your name off of the one joint account that you have, so that it becomes a sole account in your partner's name only. If you do that, then there definitely won't be an impact on your partner's credit file (although they may have to file a Notice of Disassociation).
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

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